- Use a Key Account Management Strategy. …
- Define What a Key Account Is. …
- Choose a Few Accounts Only. …
- Establish the Right Numbers. …
- Know Key Accounts Intimately and Touch Base Regularly. …
- Provide Solutions, Not Sell Products. …
- Sharpen the Saw Continuously.
A Simple but Brilliant Account Management Strategy | Sales Strategies
Why is an account management strategy important?
The effectiveness of account management strategies can directly affect client satisfaction, client retention, and revenue. The following advantages for clients and account managers can result from a successful account management strategy:
Effective account management can help a business thrive and last for a long time.
What is an account management strategy?
An account management strategy (SAM) entails the procedures and techniques used by account managers to build rapport with clients, recognize their needs, and provide beneficial goods and services. Clients benefit from account management strategies because they receive personalized service and recommendations, and account managers benefit because successful strategies can increase their sales and client retention rates.
How is account management different from sales?
Although account management involves providing clients with products and services, its objectives differ from those of salespeople. To move on to the next lead, salespeople want to close a sale as soon as possible. In contrast, account management strategies are long-term and center on establishing reliable relationships over time.
How to develop an account management strategy
You can create an account management strategy by using the steps listed below:
1. Identify key accounts
For each client account your business has, strategically managing those accounts is ideal. However, this might not be feasible due to staffing or financial issues. In this situation, you should decide which of your key accounts is best suited for your account management strategy. When selecting these accounts, you might use areas such as:
As they are most familiar with your organization’s long-term goals and which partnerships might best serve them, company stakeholders may participate in this step.
2. Select account managers
You can choose the account managers once you’ve identified the key accounts. Account managers should have strong interpersonal skills in addition to being successful salespeople. Instead of selling products, an account manager’s main objective is to forge relationships with their clients. This requires account managers to be:
3. Research clients
Account managers should conduct extensive client research to better understand their company. You can find ways to meaningfully connect with your client by learning more about their businesses. Explore areas like the companys.
4. Develop personalized recommendations
You can create a tailored plan that specifies your clients’ needs and offers suggestions for solutions by using the information you learn about their businesses to inform your work. Your plan may include:
5. Create a communication schedule
Develop a schedule for regular communication with your client. Make sure your clients feel heard and valued. Give clients enough time to express their opinions, provide feedback, and ask questions. Pay close attention to their worries and address them specifically, or come up with a strategy to handle any problems. Having open lines of communication with your clients can make them feel more at ease and facilitate an honest conversation. This will enable you to address problems as they arise rather than learning about them several weeks later.
Ask your client how frequently they would like to speak with you. You may opt for a weekly or monthly check-in, but you should also be readily available for their calls or emails outside of the times of your appointments.
6. Track your results
Monitor your account management strategy. Your metrics might include any of the following, depending on your sector and those of your clients’ businesses:
FAQ
What are account strategies?
- ACCOUNTS’ ANALYSIS. Gain a general understanding of each account and gather the necessary data to efficiently segment your accounts.
- ACCOUNTS’ SEGMENTATION. …
- UNDERSTAND THE DECISION-MAKING UNIT. …
- DIAGNOSIS. …
- SET OBJECTIVES. …
- ACCOUNT TACTICAL PLAN. …
- MONITORING/FOLLOW-UP.
How can an account manager be more strategic?
A key account strategy is a road map that directs all of your interactions with clients and within your organization. It’s the process by which you: Identify your company’s goals. Understand the targets and how they are measured.
